Startups
3 Highly Successful Startups and the Lessons You Can Learn From Them
To get success in life, it doesn’t always about having a university degree with top class. These days, successful businesses and entrepreneurs come from different walks of life.
When you will consider some of the successful startups of the world and entrepreneurs, who lead them, you can notice that they can also represent varied products, brands, generations, industries, and cultures.
Keeping aside diversity and backgrounds, successful entrepreneurs, businessmen and leaders have at least one thing in common, and that is the wide learning curves that they have had to undergo along the way on the road to their success.
However, the way to startup success is not always a predictable one because only 30% of seeded startups are securing some additional funding. In order to know why some of the startups thrive or some stagnate or fail, it is important to examine successful startups and different lessons to learn from them.
Here are 3 Successful Startups & Lessons That Can be Learnt From Them
1. Airbnb – Build a Product or Service That Customers Fall in love With
One of the leading American startups, Airbnb offers an online marketplace and hospitality service for people worldwide to lease or rent short-term lodging, including hostel beds, holiday cottages and apartments through its application. When the company was struggling in its initial stage in 2008, Paul Graham, a founder of the well-known incubator startup, Y Combinator, gave advice to the CEO of Airbnb.
The CEO of Y Combinator asked Brian Chesky to focus on building a product that people fall-in-love with. Instead of building a product that people like, you should give attention to building a product that people truly love.
If most people are loving your product rather than liking it, they will recommend it to their friends and relatives. The word of mouth marketing for your product or service will play a more important role than any other marketing ways. With word of mouth marketing, it is enough to propel most businesses to new heights.
Lesson to learn: It would be a great choice to develop a product or service that people love instead of liking it. Your potential customers will indirectly help to get many new customers and expand your business.
“Ideas are commodity. Execution of them is not.” – Michael Dell
2. Uber – Always Think of Solving a Problem
To achieve vivid success like Uber, it is a must that you think for one such service or product that gives a solution to your customers’ problem. Let’s consider Uber, a leading on-demand taxi booking app service provider, delivering on-demand taxi services to people worldwide, ensuring that they do not have to wait too long for a taxi.
Likewise, Uber has solved a problem of people that they were facing while hiring a taxi. Even it could start with just one problem and probably, your startup could deliver a holistic solution. So, whenever you get an idea, ensure that you start analyzing the idea and think about how it can solve a problem of people.
Lesson to Learn: Always think of your customers’ problems and try to solve it through your services or products. Give them a reliable solution that makes their daily life easier.
3. Atlassian – Have a Mission-driven Company Culture
Atlassian Corporation is an enterprise software company that is well-known for making business software, helping different teams of all sizes work faster and better together. A highly popular creator or products like Jiri and Confluence among others.
The company announced that they had spent $425 million to purchase another business-software company called Trello in early 2017. It is one of the biggest lessons that startups can learn from Atlassian as they have a mission-driven company culture.
Lesson to Learn: Do you know that the right culture can lead your company to success? You can realize the significant performance improvements. Build a culture, where people just love to work, expanding your business from one level to next.
“Chase the vision, not the money; the money will end up following you.” – Tony Hsieh
These are three highly successful startups and different lessons that can be learnt from them. These above-mentioned startups have a different success story, however, an organization that mainly focuses on customer-centric and mission-driven culture along with delivering a world-class product, tend to be successful.
Moreover, the companies that found solutions to customers’ problems and improve their daily lives, can lead to success. So, follow the hard-earned lessons that I mentioned above and it may help you to join the ranks of the unicorns.